UPDATED: Mar 26, 2020
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1. It will get more expensive the longer you wait.
The older you are at the time you purchase a term life insurance policy the more expensive it will be, regardless of your health status. The price increases become most noticeable after age 35, making it best to purchase your term life insurance policy before this age.
2. Everyone thinks they are healthy.
This one is difficult to swallow, but almost everyone believes that they are quite healthy. Take yourself for example. On a scale of 1 to 10, what would you rate your own personal health status? You likely rated yourself pretty high, even if you suffer from high blood pressure, obesity, depression or any of the other hundreds of diseases out there.
It is hard not to fall into the trap of believing you are invincible. A client once refused his term life insurance policy because he thought the price was too high as he was the ‘picture of health.’ A week later he called from the hospital, now wanting the policy because he had suffered a heart attack the night before. You may think that these things only happen to other people but you should still protect yourself with a term life insurance policy just in case.
3. You may discover something about your health.
Refer back to reason #2. Everyone thinks they are healthy, thus they skip their regular doctor visits. Then when they apply for term life insurance they are horrified to discover they have high cholesterol, high blood pressure or other health conditions. Even worse, some applicants apply for term life insurance only to discover they have a serious medical condition such as hepatitis. How is this possible you ask? When you apply for most term life insurance policies, a simple health exam is performed that includes a standard blood profile. Countless applicants have discovered important information about their health through these exams that would have otherwise gone unnoticed.
4. Accidents can happen!
Let’s assume you really are one of the supposedly super healthy people that are so far and few between. You really do eat your 5-11 servings of fruits and veggies per day, you exercise at least 5 times per week, maintain a healthy weight, have a low-stress life and receive a clean bill of health at your annual doctor’s visit. Congratulations! Unfortunately, you still might reach the pearly gates sooner than you anticipated due to an accident. Auto and workplace accidents are common ways healthy people can die unexpectedly.
5. Your family/loved ones will need the money.
You undoubtedly are quite familiar with the amount of bills you have to pay each month. Would your loved ones be able to pay these bills if you were gone? The conservative estimate for term life insurance is to replace at least 10 years of your income. If you make $50,000 per year that would be a $500,000 policy at the very minimum. Most people add on additional protection to pay off the mortgage and to send the kids to college. Having this valuable protection could protect your loved ones if something were to happen to you.
6. You may have a family someday.
Almost everyone has a family to support at some point in their lives. Even if you are a bachelor who has sworn off getting married and having kids, there is still a chance that you will change your mind. Think back to your life just 10 years ago. Your ideals and life goals have most likely changed. Now imagine 10 years into the future. Chances are your vision of the future will be far different than what reality brings. By all means, continue to live in the moment and be true to yourself but also realize that tomorrow may bring about unexpected changes in your way of life.
7. Your family doesn’t want to pay for your funeral.
The average cost of a funeral is approximately $8,000 – $10,000. That’s just the average! Without term life insurance your family will be left to foot this bill. Don’t create this unnecessary burden for your loved ones.
8. Peace of mind is good to have.
Peace of mind is priceless. Think about something that you worry about on a regular basis. Most of us worry about money, the economy, our health, our children’s safety, etc. How much money would you pay to take away your most nagging worry completely? For example, if your main source of worry is your health, how much money would you pay per year to ensure that you would always be healthy? If a magical health pill existed that guaranteed to keep you healthy for life, everyone would buy it. If you worry about your family’s financial well-being, a magical pill in the form of a term life insurance policy exists for you.